基于代理成本理论的我国上市公司融资结构问题研究

融资结构是上市公司筹资管理的核心内容,从代理成本的角度研究我国上市公司的融资结构问题是十分必要的。代理成本理论认为,权益资本和债务资本都存在代理成本问题,融资结构取决于企业承担的总代理成本,因此,最佳融资比例是股权代理成本与债务代理成本之间的权衡。通过分析我国上市公司的融资结构,得出我国上市公司有股权融资偏好的结论,并探讨了我国上市公司融资结构不合理的主要原因。在此基础上,提出应大力发展我国企业债券市场,加快股权分置改革,强化债权人的相机性控制,改善上市公司的股权监管机制等建议,以降低我国上市公司的代理成本,优化融资结构。

Agency-cost Based Analysis of Structure of Financed Capitals of China's Listed Companies

The structure of financed capitals is a kernel problem of capital financing for all listed companies.It is necessary to investigate the problem in view of the agency cost that is compulsory to China's listed companies.According to the theory of agency cost,in a company the equity capital and debt capital both involve agency cost and the structure of financed capital depends on the total agency cost a company must be accepted.For this reason,the optimal proportion of financed capitals should be a proper balance between the agency cost of equity capital and that of debt capital.A conclusion is drawn by analyzing the annual structure of listed companies' financed capitals from 2000 to 2004 that China's listed companies prefer financing equity capital to financing debt capital.Explores the main causes of such a irrational structure.To reduce the agency cost of listed companies and optimize the structure of their financed capitals,it is proposed to develop greatly the debenture bond market,speed up the reform of equity division,strengthen the due control right of creditor and improve the equity supervision mechanism in listed companies.